The International Monetary Fund (IMF) says Egypt is witnessing an economic growth, backed by a “broad-based” recovery across its industries, Bloomberg reports.

Reform measures taken recently such as the floatation of the pound are starting to pay off although inflation remains high.

“The reemergence of growth as we see it is broad-based; various sectors of the economy are benefiting from it including export [and] tourism,” Bloomberg quotes Jihad Azour, head of the IMF’s Middle East and Central Asia Department, as saying.

“Remittances are improving as well as other traditional sectors,” he adds.

Egypt plans to take advantage of the “improvement in competitiveness” to make its economy more reliant on exports, he says, adding that “this is in fact part of the policy package that the government in Egypt has put forward and the fund has supported.”

The country’s economy is expected to grow 4.5% in FY2017-18 from 4.1% recorded in the previous year, IMF said earlier in its World Economic Outlook report released on October 10.